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Nexus between Election Manifesto and Budget 2024 in July!Clearing the Air: Airtel's SC Decision provides clarity on test of Agency GST implications for Corporate Debtor under IBC I-T- Petitioner's CIBIL score lowered due to same PAN being issued to another assessee who defaulted on loan; I-T Deptt to inform CIBIL of remedial measures taken: HC Brazil’s proposal to tax super-rich globally finds many takers in G20 Group I-T- Additions framed on account of unconfirmed cash loans upheld in part, where assessee is unable to discharge onus of proving source of cash deposits : ITAT CPM manifesto promising annihilation of all weapons of mass destructions including nuclear, draws flak from Defence Minister I-T- Registration of trust u/s 12A denied due to inadvertent error by assessee in filing Form 10AB but with wrong selection code; case remanded for reconsideration: ITAT Biden favours higher steel tariff on ‘cheating’ China + may up tariff on dominant solar tech suppliers I-T- Enhancement of income is not sustainable if CIT (A) not follow sec 251 and no notice given to assessee of enhancement : ITAT US Poll: Biden trumps Trump in money race by USD 75 mn I-T- Assessee is entitled for depreciation on goodwill arising out of difference between cost of acquisition and net value of assets and liabilities as per book value of CAPL : ITAT Netanyahu says Israel to decide how and when to respond to Iran’s aggression I-T- There is no scope of extrapolation in search assessment based solely on assumptions and surmises in absence of any tangible material qua the relevant assessment year: ITAT Google slays costs by laying off staffers & shifting roles outside US I-T- Re-assessment cannot be sustained where based on borrowed satisfaction & where conducted in a mechanical manner: ITAT Heavy downpours drown Dubai; Airport issues travel advisory Cus - There cannot be an exercise of jurisdiction to injunct invocation of BG, as it is a settled principle of law that bank guarantee constitutes an independent contract between the bank and the party in whose favour BG is furnished: HC HM pledges to make India completely Maoist-free GST - Except for holding that the taxpayer had availed ITC which is blocked credit u/s 17(5), no reasons are specified - Order set aside and matter remanded: HC Microsoft to inject USD 1.5 bn in AI Group G42 of UAE GST - Injustice would be caused unless petitioner is provided another opportunity to contest tax demand on merits - Subject to deposit of 10% of demand, matter is remanded: HC Canadian budget proposes more taxes on higher income groups & tax credits for EVs GST - Petitioner has an appellate remedy against the impugned order - As petition was filed within the original period of limitation, it is just and appropriate that petitioner be permitted to present statutory appeal: HC World leaders appeal for quick ratification of UN Ocean Treaty GST - Once the notification itself has been declared as ultra vires, applying it would amount to applying an illegal notification: HC UK House debates ban on smoking GST - Transfer of development rights is amenable to GST and cannot be brought within the purview of Entry 5 of Schedule-III: HC Global economy to grow at 3.2% in current year and also 2025: IMF GST - Challenge to notification 11/2017-CTR clarifying the aspect of transfer of development rights being attracted to GST/TGST is devoid of merits: HC Great Barrier Reef in Australia suffers serious bleaching GST - Conclusions were recorded in the assessment order without providing a personal hearing - Order set aside and matter remanded: HC US to impose fresh sanctions on Iran’s missile programme Cus - Mere fact that Commissioner of Customs has filed an affidavit would not denude an officer, otherwise empowered under the Act/Rules to issue and adjudicate a SCN even though the officer may be below the rank of Commissioner: HC Delhi Police nabs woman for thieving luxury SUVs Cus - As wife of appellant has already been penalized for the offence related to importation of BMW M5 Car, no reason found to impose penalty against appellant for same offence: CESTAT


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New Delhi, March 30, 2014 Import of Fax - classification under CTH 8443 3260 at Nil rate on ground that machine is capable of connecting to network - however, technical data proves that goods lacked in capability - prima facie there was deliberate misdeclaration: CESTAT by Majority

New York, March 30, 2014 Earth Hour - UN offices went dark globally, sensitising people on energy consumption

New Delhi, March 29, 2014 Income tax - Whether, for purpose of Sec 158BD, it is mandatory for AO to record satisfaction note before he sends records to other AO who has jurisdiction over such other person - YES: Supreme Court

Bangalore/Jaipur, March 29, 2014 Bangalore, Jaipur Service Tax arrest Directors of VCES defaulters for alleged tax evasion of Rs 16 Crore

New Delhi, March 28, 2014 Service Tax - Export of services - Service performed in India, service recipient abroad - it is export: CESTAT

Mumbai, March 28, 2014 Income tax - Whether any loss made on last date of accounting year on account of derivative contract outstanding is allowable as business loss as per provisions of Sec 37(1) - YES: ITAT

Mumbai, March 28, 2014 CX - It is a well settled position that while considering various decisions on matter, latest decision should be preferred as that would have taken into account all the previous decisions on subject: CESTAT

New Delhi, March 27, 2014 Service Tax - Vocational training in areas such as export-import management, retail management and merchandising - Exempted for period 01.07.2003 to September, 2008: High Court

Chandigarh, March 27, 2014 Income tax - Whether when close relative of assessee has been working with him for several years, huge payment of commission in particular year can be construed as subterfuge to reduce tax liablity - YES: HC

Bangalore, March 27, 2014 Service Tax - Amount collected from customers not paid to Government but kept in escrow account - whether provisions of Section 73A are attracted - NO: CESTAT

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Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.

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Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

April 17, 2024

TP - ALP adjustment cannot be made with reference to entire turnover of assessee and ought to be restricted to value of international transactions: ITAT

April 17, 2024

TP - Land acquisition matters where market value is determined on bases of certain parameters peculiar to parties & property, CUP method is more appropriate for valuation of market price than circle rates: ITAT

April 16, 2024

Companies Act - ROC's decision of rejecting application for conversion is not contrary to legislative intent of Section 18 : HC

April 16, 2024

PMLA - If criminal case against person is quashed then there can be no offence of money laundering against him : HC

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